First Financial Bank Trust Division Cuts Stake in GE Vernova Inc. (NYSE:GEV)

First Financial Bank Trust Division reduced its position in GE Vernova Inc. (NYSE:GEV) by 18.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 728 shares of the company’s stock after selling 160 shares during the quarter. First Financial Bank Trust Division’s holdings in GE Vernova were worth $239,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Waverton Investment Management Ltd raised its holdings in shares of GE Vernova by 10.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after purchasing an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. purchased a new position in GE Vernova during the third quarter valued at approximately $1,101,000. Atria Investments Inc raised its stake in GE Vernova by 127.0% in the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after buying an additional 2,847 shares in the last quarter. Fractal Investments LLC purchased a new stake in GE Vernova during the third quarter worth $1,530,000. Finally, Legal & General Group Plc bought a new stake in GE Vernova during the 2nd quarter valued at $293,699,000.

Analysts Set New Price Targets

Several research firms have recently commented on GEV. Guggenheim reduced their price target on GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Wolfe Research assumed coverage on shares of GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price for the company. Raymond James cut shares of GE Vernova from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 2nd. Morgan Stanley boosted their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $356.00 to $367.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GE Vernova currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Stock Performance

NYSE GEV traded up $10.01 on Thursday, hitting $338.94. 2,464,317 shares of the company’s stock traded hands, compared to its average volume of 3,416,386. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $357.09. The firm’s 50-day moving average price is $329.53 and its two-hundred day moving average price is $247.92.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%.

GE Vernova declared that its board has authorized a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.